Vilmorin & Cie - Annual report 2017-2018

Financial INFORMATION 5 ANNUAL REPORT Vilmorin & Cie 166 2017-2018 Note 11: Other financial income and charges 1- Evolution In millions of euros 17-18 16-17 Gains or losses on the sales of unconsolidated securities, profits and losses from winding up business, income from consolidation exits - -15.3 Interest income 1.5 1.7 Interest charges -1.5 -1.9 Provisions for the impairment of securities and other financial assets - 14.8 Provisions for risks and other financial charges -0.1 -0.2 Gains or losses on currency translation -12.1 0.1 Net interest charges on commitments for personnel benefits -1.4 -1.7 Other financial gains and losses - 0.1 Total -13.6 -2.4 2- Further information 2.1 - On operations for fiscal year 2017-2018 No particular operation occurred during fiscal year 2017-2018. 2.2 - On operations for fiscal year 2016-2017 2.2.1 Gains or losses on the sales of unconsolidated securities, profits and losses from winding up business, income from consolidation exits These concern: the exit of the Arcadia Biosciences securities, within the framework of the operation to exchange Limagrain Cereal Seeds securities, for a total of -15.3 million euros. 2.2.2 Provisions for the impairment of securities and other financial assets These concern mainly: a write-back of the provision of 14.6 million euros of Arcadia Biosciences securities. Note 12: Income taxes 1- Evolution In millions of euros 17-18 16-17 Current taxes -13.0 -25.0 Deferred taxes 7.5 -12.6 Total -5.5 -37.6 The rules applied for the recording of deferred taxes are described in Note 1 paragraph 19 of the “Accounting methods and principles in IFRS standards.” Sources of deferred taxes are the result both of temporary differences between the tax base and the book value of assets and liabilities, and the recording of deferred tax assets dependent on forecasts of future tax results and on the net liabilities position. 2- Further information 2.1 - Evolution of income taxes The difference between the effective tax rates and the theoretical rates in 2017-2018 can be largely explained by lower tax rates resulting from the latest significant tax reforms in France and the United States, combined with the use of tax deficits carried forward and tax credits in France and other countries in a context of slower business growth. 2.2 - Fiscal integration operations The fiscal integration scopes set up in the group (article 223 A et seq. of the French tax code) between the different French companies were as follows on June 30, 2018: Integrating company Member companies Effective date Vilmorin & Cie HM.CLAUSE SA July 1, 2000 Vilmorin Jardin July 1, 2000 Vilmorin July 1, 2010 Limagrain Europe July 1, 2012 Limagrain Central Europe July 1, 2012 Fiscal integration has also been established in the United States: Integrating company Member companies Vilmorin USA Corp HM.CLAUSE Inc. Limagrain Sunflowers Vilmorin North America 5.1. Consolidated Financial Statements